BTC, ETH See Profits as Stablecoins Lose Steam

The crypto price chart saw profits and losses hit several popular cryptocurrencies, indicating at prevailing market volatility on April 28, Thursday. Bitcoin, that opened with gains of 2.24 percent, is currently priced at $41,912 (roughly Rs. 32 lakh) as per Indian exchange CoinSwitch Kuber. The world’s oldest cryptocurrency managed to score similar gains on international exchanges as well. On CoinMarketCap and Coinbase for instance, BTC values ​​spiked by 2.65 percent, taking its trading value to $39,508 (roughly Rs. 30 lakh).

Ether also bagged gains, but smaller in comparison to Bitcoin. ETH value grew by 1.86 percent taking its price to $3,080 (roughly Rs. 2.35 lakh) as per Gadgets 360’s crypto price tracker.

Ether also saw growth on international exchanges such as Binance with small gains of around 1.86 percent. ETH’s value, as per foreign exchanges, stands at $2,900 (roughly Rs. 2 lakh).

With similarly smaller but significant gains, altcoins such as Binance Coin, Solana, Terra, and Cardano also stayed in the upper half of the price ladder.

Polkadot and Litecoin also roped in profits, contributing to the greens on the crypto charts.

On the contrary, stablecoins pegged to the US dollar such as Tether, USD Coin, and Binance USD saw losses.

Even Dogecoin slipped down on the crypto price charts after a short-lived hike period it observed after Twitter accepted Elon Musk’s buy-out offer of $44 billion (roughly Rs. 3,36,448 crore) on April 26.

Shiba Inu, Polkadot, and Polygon also found themselves laying low on the price charts.

Despite the present volatility, industry insiders are sure that the crypto market will continue to see growth in the coming times.

“The continued receptivity from regulators around the world is evidence of its likely long-term stronghold and the bright outlook for the wider crypto industry,” the research team at CoinDCX told Gadgets 360.

Besides the Central African Republic recently adopting BTC as a legal tender, countries like Cuba have also begun licensing processes for crypto service providers.

Industrial investments also continue to pour into the virtual assets industry, pushing its chances of future growth.

Dragonfly Capital even launched its third crypto-centric fund of $650 million (roughly Rs. 4,974 crore) in order to trigger more development in the sector.

As of April 28, the market cap of the overall crypto industry stands at $1.80 trillion (roughly Rs. 1,37,88,016 crore) as per CoinMarketCap.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.

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Parth Velani

Parth Velani is a Senior Journalist at who covers latest trending, entertainment, business and technology news and updates.
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